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Bay Area executives indicted in alleged $103M Ponzi scheme
New York Post • • business
Key Points:
- Mark Hanf and Nam Phan, financiers from Marin County, were indicted for allegedly running a $100 million-plus Ponzi scheme targeting senior investors with false promises of high returns from mortgage loans.
- Between December 2021 and December 2025, they raised approximately $103 million from 175 investors, many retired Californians, by misrepresenting the financial health of their funds.
- The defendants reportedly used new investor money to pay returns to earlier investors and transferred funds between accounts to conceal losses, while Hanf also diverted about $7 million for personal expenses.
- The scheme collapsed in late 2025 when investors sought withdrawals that the funds could not cover, leading to the bankruptcy of Pacific Private Money’s two funds, which held less than $17 million in recoverable assets against nearly $121 million invested.
- Hanf and Phan have pleaded not guilty, remain free on bond, and face up to 20 years in prison if convicted; further court proceedings are scheduled soon.
